From the desks of the Hotel News Now editorial staff:
- Marriott and Expedia sign new multiyear agreement
- How Leeny Oberg got to position as Marriott CFO
- US stocks expected to open higher
- Weekly results for the US hotel industry
- Buffalo benefits from Frozen Four hockey games
Marriott and Expedia sign new multiyear agreement: Marriott and Expedia Group announced in a joint statement that the companies have signed a new multiyear agreement.
According to the statement, sent to HNN by a Marriott spokesperson, “the agreement continues Marriott’s long-standing distribution arrangement with Expedia Group for transient bookings, expands Expedia Group’s role related to Vacations by Marriott, the company’s leisure packaging platform, and leverages Expedia Group’s technology capabilities for an innovative distribution arrangement beyond transient retail bookings expected to launch in the fourth quarter.”
The statement also mentions that Marriott and Expedia “have reached mutually beneficial economic terms that advance each company’s strategic objectives.”
Commission rates were not mentioned in the statement, although lowering commission rates to online travel agencies has long been a selling point of Marriott’s acquisition of Starwood Hotels & Resorts Worldwide.
How Leeny Oberg got to position as Marriott CFO: A career in finance was always a natural fit for Leeny Oberg, who is now three years into her role as Marriott International’s EVP and CFO, Hotel News Now’s Dana Miller writes.
There aren’t many women CFOs in the hotel industry, but Oberg said she has seen an improvement in the last 15 years.
One way to give women more visibility is at industry conferences, she said.
“The first is making sure that as leaders we are giving people opportunities to attend, and then helping them to understand what are the great benefits of those conferences,” she said. “Opportunities to meet people to network, to hear how other companies are doing things and building relationships in the hospitality industry is important; it’s a people business.”
U.S. stocks expected to open higher: U.S. stocks were expected to open higher today “as investors digested central bank messaging and the latest developments in the U.S.-China trade talks,” The Wall Street Journal reports.
Minutes from the Federal Reserve’s March meeting showed that the central bank has “set a high bar to raising rates again because of greater risks to the U.S. economy from a global growth slowdown and after a muted inflation reading took more officials by surprise.”
The Dow Jones Industrial Average increased 36 points and the S&P 500 added 0.1%, the Wall Street Journal reports. During morning trade, the Stoxx Europe 600 was up 0.1%.
Weekly results from the U.S. hotel industry: Hotels in the U.S. reported positive year-over-year results in the three key performance metrics for the week ending 6 April, according to data from STR, parent company of HNN.
Occupancy rose 0.4% to 68.7%, average daily rate increased 1.5% to $130.79 and revenue per available room increased 1.9% to $89.90.
Minneapolis/St. Paul, Minnesota-Wisconsin, recorded the largest jump in RevPAR of 55.1% to $106.96 among the top 25 markets. Miami/Hialeah, Florida, saw the biggest decline in RevPAR (-18.0% to $182.37).
Buffalo benefits from Frozen Four hockey games: Hotels in the Buffalo, New York, area are getting more business after a slow first quarter, thanks to the Men’s Frozen Four NCAA hockey championship, The Buffalo News reports.
The city’s tourism arm, Visit Buffalo Niagara, expects to see as much as a $3.9 million economic boost for hotels, restaurants, bars and entertainment venues in Buffalo.
As of Wednesday afternoon, many hotels in downtown Buffalo were sold out, and some hotels were selling rooms for as much as $548, according to the news outlet.
Compiled by Danielle Hess.